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COMPANY REGISTRATION NUMBER: 04050312
Castlegate Security Services Ltd
Unaudited Abridged Financial Statements
31 August 2023
Castlegate Security Services Ltd
Abridged Financial Statements
Year ended 31 August 2023
Contents
Page
Director's report
1
Chartered accountant's report to the director on the preparation of the unaudited statutory abridged financial statements
2
Abridged statement of income and retained earnings
3
Abridged statement of financial position
4
Notes to the abridged financial statements
6
Castlegate Security Services Ltd
Director's Report
Year ended 31 August 2023
The director presents his report and the unaudited abridged financial statements of the company for the year ended 31 August 2023 .
Director
The director who served the company during the year was as follows:
Mr C Preston
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 19 March 2024 and signed on behalf of the board by:
Mr C Preston
Director
Registered office:
Suite 2a
Lower Ground Floor
Telephone House
Fenton Street
Lancaster
LA1 1AB
Castlegate Security Services Ltd
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Abridged Financial Statements of Castlegate Security Services Ltd
Year ended 31 August 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Castlegate Security Services Ltd for the year ended 31 August 2023, which comprise the abridged statement of income and retained earnings, abridged statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the director of Castlegate Security Services Ltd. Our work has been undertaken solely to prepare for your approval the abridged financial statements of Castlegate Security Services Ltd and state those matters that we have agreed to state to you in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Castlegate Security Services Ltd and its director for our work or for this report.
It is your duty to ensure that Castlegate Security Services Ltd has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Castlegate Security Services Ltd. You consider that Castlegate Security Services Ltd is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the abridged financial statements of Castlegate Security Services Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory abridged financial statements.
LAMONT PRIDMORE (SOUTH CUMBRIA) LTD Chartered accountants
136 Highgate Kendal Cumbria LA9 4HW
19 March 2024
Castlegate Security Services Ltd
Abridged Statement of Income and Retained Earnings
Year ended 31 August 2023
2023
2022
Note
£
£
Gross profit
225,984
235,157
Administrative expenses
196,708
162,704
---------
---------
Operating profit
29,276
72,453
Interest payable and similar expenses
318
598
---------
---------
Profit before taxation
28,958
71,855
Tax on profit
5,484
13,410
--------
--------
Profit for the financial year and total comprehensive income
23,474
58,445
--------
--------
Dividends paid and payable
( 40,000)
( 47,200)
Retained earnings at the start of the year
94,919
83,674
--------
--------
Retained earnings at the end of the year
78,393
94,919
--------
--------
All the activities of the company are from continuing operations.
Castlegate Security Services Ltd
Abridged Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
25,095
21,394
Current assets
Debtors
160,603
130,184
Cash at bank and in hand
122,482
90,016
---------
---------
283,085
220,200
Creditors: amounts falling due within one year
195,329
106,670
---------
---------
Net current assets
87,756
113,530
---------
---------
Total assets less current liabilities
112,851
134,924
Creditors: amounts falling due after more than one year
29,688
35,938
Provisions
Taxation including deferred tax
4,768
4,065
---------
---------
Net assets
78,395
94,921
---------
---------
Capital and reserves
Called up share capital
2
2
Profit and loss account
78,393
94,919
--------
--------
Shareholders funds
78,395
94,921
--------
--------
These abridged financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 August 2023 in accordance with Section 444(2A) of the Companies Act 2006.
Castlegate Security Services Ltd
Abridged Statement of Financial Position (continued)
31 August 2023
These abridged financial statements were approved by the board of directors and authorised for issue on 19 March 2024 , and are signed on behalf of the board by:
Mr C Preston
Director
Company registration number: 04050312
Castlegate Security Services Ltd
Notes to the Abridged Financial Statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Suite 2a, Lower Ground Floor, Telephone House, Fenton Street, Lancaster, LA1 1AB.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
20% straight line
Equipment
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 45 (2022: 35 ).
5. Intangible assets
£
Cost
At 1 September 2022 and 31 August 2023
28,808
--------
Amortisation
At 1 September 2022 and 31 August 2023
28,808
--------
Carrying amount
At 31 August 2023
--------
At 31 August 2022
--------
6. Tangible assets
£
Cost
At 1 September 2022
98,950
Additions
15,000
Disposals
( 14,162)
--------
At 31 August 2023
99,788
--------
Depreciation
At 1 September 2022
77,556
Charge for the year
( 2,863)
--------
At 31 August 2023
74,693
--------
Carrying amount
At 31 August 2023
25,095
--------
At 31 August 2022
21,394
--------
7. Director's advances, credits and guarantees
The directors loan account remained in credit throughout the current and previous year.